The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

338 THE WORK OF THE STOCK EXCHANGE | for 600 Rubber, 800 Reading, and 500 Steel are thus settled and cleared. Handling of Checks and Drafts.—Meanwhile, in another department the checks turned in with the clearance sheets are added up in a summarized statement. The same is done with the drafts on the Stock Clearing Corporation. The total amount of checks should, of course, always exactly equal the total amount of the drafts. If these totals do not prove by thus balancing each other, it is apparent that an error has been made somewhere, and the clerical force is at once set to work to hunt it down and eliminate it. Fines are levied by the Stock Clear- ing Corporation upon such clearing members as are guilty of errors or omissions in the preparation of their sheets, tickets, statements, drafts, or checks. The Allotment Sheet—We must now see how it is that the Night Branch directs the delivery of stock balances. It will be recalled that when each clearing member’s clearance sheet comes in at the windows, the statements of stock balances to receive and to deliver are detached from it and distributed among the allotment sheets. Every stock which is cleared has its particular allotment sheet; active stocks each have one or more whole sheets, while several only fairly active stocks may be recorded on one sheet. In order to pursue further the sale made by Jenkins to Wilkins, the accompanying illustration of an allotment sheet (Figure 32) has been made out for Steel—the stock in which their bargain has occurred. Since there must always be two parties to every sale—a purchaser and a seller—it necessarily follows that for every 100 shares of stock to be delivered there must be an equal amount of the same stock to be received. Consequently, the total of the stock balances of Steel to be received (recorded on the left side of the allotment sheet) must always exactly equal the total of the stock balances of Steel to be delivered (recorded on its right side). It is, therefore.

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